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The Worm in Apple Pay

The ballyhooed new payment system is still reliant on your having a credit card. That’s not exactly revolutionary.

By

Lyle Beckwith

Nov. 3, 2014 7:05 p.m. ET

No company can compete with Apple when it comes to releasing new products, and last month the tech giant brought some attention and excitement to how we pay for things with the introduction of Apple Pay. That’s a good thing, as the payments system is an often-overlooked but crucial part of the economy and how it functions.

For years professionals have looked for ways to put payments systems on mobile phones, with limited success. Apple made it happen, and now the technology allows you to make purchases in stores and on apps...